Hello fellow traders, I am bringing you this monthly chart of the USD/JPY pair to highlight the following in case you are not aware:
1- Formation of inverted H&S pattern with shoulders base around 101 and neckline around 124
2- Pair is trading above the long term down trending line (see black colored line)
3- Pair failed to close below the 200 monthly MA multiple times since March 2018!
Given the above, I would never short this market unless we break the 99-101 support zone. I would suggest long entries with SL below the 99-101 zone with targets at 114.5 and 124.5.
I will update this idea once we have the reversal or break the support zone in the coming days/ weeks.
If you like this idea, please follow and like, good luck friends :)
1- Formation of inverted H&S pattern with shoulders base around 101 and neckline around 124
2- Pair is trading above the long term down trending line (see black colored line)
3- Pair failed to close below the 200 monthly MA multiple times since March 2018!
Given the above, I would never short this market unless we break the 99-101 support zone. I would suggest long entries with SL below the 99-101 zone with targets at 114.5 and 124.5.
I will update this idea once we have the reversal or break the support zone in the coming days/ weeks.
If you like this idea, please follow and like, good luck friends :)